KLCI extends slide for third day as consolidation continues

KUALA LUMPUR: The FBM KLCI extended its slide, en route to its lowest closing in the week, as stocks retreated on continued consolidation pressure.

At 12.30pm, the key index was down 2.82 points to 1,511.13. However, trading interest in the market continued to increase with 4.86 billion shares traded valued at RM2.66bil.

There was broad-based profit-taking on the index with Petronas Dagangan falling 68 sen to RM19.14, PPB dropping 32 sen to RM19.18, KLK sliding 18 sen to RM21.72 and Public Bank losing 14 sen to RM15.96.

Even a rebound in in glove counters failed to push up the index. Top Glove rose six sen to RM9.40 and Hartalega climbed 34 sen to RM18.40.

According to Malacca Securities Research, the extended consolidation on the local bourse is likely to continue in the absence of fresh leads, coupled with uncertainties due to the political and Covid-19 situations.

"We believe bargain-hunting activities could emerge at a later stage.

"Despite signs of quick profit-taking activities, rotational play among the lower liners are keeping trading activities at a vibrant level as investors continue to see higher yield investments," it said.

Meanwhile, Asian markets turned lower on profit-taking following a promising start to the day.

China's key index was down 0.3% although Hong Kong's Hang Seng maintained its positive momentum to rise 0.8%.

Japan's Nikkei fell 0.3%, Australia's ASX200 dropped 0.7% and South Korea's Kospi slid 1%.

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Bursa Malaysia , FBM KLCI , equities


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